HANGZHOU, China, Jan. 21, 2016 /PRNewswire/ -- China Jo-Jo Drugstores, Inc. (NASDAQ CM: CJJD) (the "Company" or "China Jo-Jo"), a leading China-based pharmacy with retail, wholesale and online distribution of pharmaceutical and health care products through its own online and retail pharmacies, announced preliminary Q3 fiscal 2016 online pharmacy sales estimates, including its official branded online pharmacy through www.dada360.com. The Company's e-pharmacy growth as compared to the same year ago period continues to show strong growth, trending positively as expected with the prolific adoption of online shopping practices in China.
Preliminary Q3 fiscal 2016 sales estimates:
Total online pharmacy sales grew over 100% to more than 54 million RMB (US$8.7 million)
- 26 million RMB (US$4.2 million)
Mr. Lei Liu, Chairman & CEO of China Jo-Jo commented, "We expect a strong close to fiscal 2016, boosted by a supportive regulatory framework created by the Chinese government in order to expand large chain pharmacies and promote internet plus economy in China, as well as the proliferation of drug benefit coverage in both the government sponsored Social Health Insurance (SHI) program and private insurance program. E-pharmacy sales within the Company's strategic businesses is positioning China Jo-Jo as one of the leading players and innovators in this fast growing industry. With renewed support from a favorable healthcare reform framework, we believe that China Jo-Jo will stand to benefit greatly from this wave of change and has quickly adjusted its growth strategy to capitalize on this opportunity."
"As one of the early pioneers of the large chain drugstore models in China, China Jo-Jo's logistics infrastructure and means for product procurement has taken root, developing into a mature platform supporting both China Jo-Jo's retail and online businesses. As such the Company is also transforming into a partner of choice for commercial health insurance providers who also continue to develop alongside China's nascent healthcare industry. Recently the Company relocated its online pharmacy division to central Hangzhou, a growing hub for internet companies in China as a means for attracting the best technologist to help in its ecommerce expansion efforts," concluded Mr. Liu.
The e-pharmacy business continues to meet strong demand from Chinese consumers looking for novel ways to shop in addition to competitively priced shopping alternatives. The Company now carries over 10,000 products, across its retail and online businesses further developing the Company's brand for safe, high quality products that are competitively priced. Looking ahead to calendar year 2016, China Jo-Jo will continue to execute its management strategies capitalizing on China's growing market for both online and retail pharmacy needs as outlined by the secular trends which call for additional growth and expansion of large chain pharmacies in the country.
About China Jo-Jo Drugstores, Inc.
China Jo-Jo Drugstores, Inc., through its own retail drugstores, wholesale distributor and online pharmacy, is a leading retailer and wholesale distributor of pharmaceutical and healthcare products in China. As of September 30, 2015, the Company had 59 retail pharmacies in Zhejiang Province, China. The Company's wholesale subsidiary not only supplies its retail stores, but also distributes drug and other healthcare products to other drugstores and drug vendors. The Company routinely posts important information on its corporate websites at www.jiuzhou-drugstore.com (Chinese) and www.chinajojodrugstores.com (English).
Forward Looking Statement
Statements in this press release regarding the Company that are not historical facts are forward-looking statements and are subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements. Any such forward-looking statements, including, but not limited to, financial guidance, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "estimate," "may," "will," "should," "project," "plan," "seek," "intend," "anticipate," the negatives thereof, or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding the progress of new product development. It is routine for the Company's internal projections and expectations to change as the quarter and year progresses, and therefore it should be clearly understood that the internal projections and beliefs upon which the Company bases its expectations may change. Although these expectations may change, the Company is under no obligation to inform you if they do. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of numerous factors, including the risks associated with the effect of changing economic conditions in the People's Republic of China, variations in cash flow, reliance on collaborative retail partners and on new product development, variations in new product development, risks associated with rapid technological change, and the potential of introduced or undetected flaws and defects in products. Readers are referred to the reports and documents filed from time to time by the Company with the Securities and Exchange Commission for a discussion of these and other important risk factors that could cause actual results to differ from those discussed in forward-looking statements. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Investor Relations Contact:
Christopher Chu, Taylor Rafferty
Tel: (908) 251-9869
Company Contact in U.S.
SOURCE China Jo-Jo Drugstores, Inc.